ArcelorMittal reported a 34% year-on-year increase in third-quarter 2026 EBITDA to $2.02 billion, but swung to a $391 million net loss after booking substantial charges linked to suspending operations at its Kryvyi Rih plant in Ukraine. The global steelmaker reported stronger underlying margins despite lower shipments, while high energy costs continued to constrain its European operations.
Revenue increased 5.2% to $16.47 billion from $15.66 billion a year earlier. EBITDA rose from $1.51 billion to $2.02 billion, while net profit attributable to shareholders moved from a $377 million gain to a $391 million loss.
Adjusted net income, which excludes specified exceptional items, reached $868 million, compared with $474 million a year earlier. The difference largely reflects the effect of exceptional charges on reported earnings.
ArcelorMittal Q3 2026 results
| Metric | Q3 2026 | Q3 2025 |
|---|---|---|
| Revenue | $16.466bn | $15.657bn |
| EBITDA | $2.023bn | $1.508bn |
| Operating result | −$131m | $544m |
| Net result attributable to shareholders | −$391m | $377m |
| Adjusted net income | $868m | $474m |
| Steel shipments | 13.0m tonnes | 13.6m tonnes |
| EBITDA per tonne | $155 | $111 |
Source: ArcelorMittal, third-quarter 2026 results.
EBITDA per tonne of steel shipped increased to $155 from $111 despite the decline in total shipments. The improvement reflected changes in regional pricing, product mix and the group’s cost structure.
Ukraine plant accounts for most exceptional charges
ArcelorMittal recorded an $852 million impairment charge and $293 million in exceptional costs associated with idling operations at ArcelorMittal Kryvyi Rih, Ukraine. Together, those items amounted to $1.145 billion.
The company also recognised a $170 million reduction in a deferred tax asset linked to the Ukrainian operations. In September, it said repeated Russian strikes had made a safe and sustainable restart of production impossible.
Impairments reduce accounting earnings but do not necessarily involve an immediate cash payment. The difference between the reported net loss and adjusted net profit also reflects other accounting and tax adjustments, not just the plant’s asset write-down.
European earnings improve year on year but fall sequentially
ArcelorMittal’s European business generated revenue of $7.64 billion, up from $7.19 billion a year earlier. EBITDA increased 6.8% to $548 million from $513 million, but fell from $697 million in the second quarter of 2026.
Higher energy and production costs, along with lower shipments of long steel products, weighed on sequential performance. Flat steel shipments increased 1.1% quarter on quarter to 5.19 million tonnes.
Management expects the impact of European trade measures to become more visible in 2027, but the benefits have yet to offset all of the cost pressure facing steelmakers.
EU trade policy changes the competitive landscape
European steel producers have struggled with high energy costs, carbon-emission expenses and competition from imported products. The EU’s Carbon Border Adjustment Mechanism (CBAM) and revised tariff-rate quotas are intended to address some of these pressures.
ArcelorMittal said reduced import penetration was beginning to support domestic production and that it had brought all of its European blast furnaces back into operation.
The European division’s EBITDA rose year on year but fell from the previous quarter, showing that profitability remains under pressure despite trade measures.
Poland’s Dąbrowa Górnicza steelworks resumes operations
The changes are important for ArcelorMittal Poland, whose major facility in Dąbrowa Górnicza supplies steel to construction, railway and industrial customers.
In September 2025, the company suspended blast furnace No. 3 there, citing difficult market conditions, energy and carbon costs and import pressure. The furnace restarted on 29 April 2026 after a refurbishment costing around PLN 60 million.
ArcelorMittal Poland says it has invested approximately PLN 11.5 billion in its Polish facilities since 2004. The group’s segment results do not separately disclose the profitability of the Dąbrowa Górnicza plant.
High electricity prices weigh on decarbonisation investment
ArcelorMittal Poland chief executive Wojciech Koszuta said in April that high electricity prices in Poland had prompted the company to postpone plans for electric arc furnaces.
Electric steelmaking can reduce emissions compared with conventional blast furnace production, but its competitiveness depends heavily on the cost of electricity.
The group is pursuing electric arc furnace projects at other European sites, including Gijón and Sestao in Spain and Dunkirk in France. Together, the projects are expected to add approximately 3.9 million tonnes of capacity by 2029.
Group expects stronger European shipments
Management expects European flat steel shipments to increase at a double-digit annual rate in the fourth quarter. It also anticipates stronger European profitability in 2027 as trade measures take effect and prices adjust to higher production costs.
ArcelorMittal maintained its 2026 capital expenditure guidance of $4.5 billion to $5.0 billion, including $1.7 billion to $1.9 billion in strategic investment.
Net debt increased to $10.3 billion at the end of September from $9.5 billion three months earlier. The group cited shareholder distributions and a temporary working capital increase among the factors behind the rise.
Sources: ArcelorMittal, third-quarter 2026 earnings release, 5 November 2026; ArcelorMittal Poland company information. Original Polish article on CEO.com.pl.
For information only. This article does not constitute investment advice.